EU lays out 1 trillion-euro plan to support Green Deal

(Image Source: Håkan Dahlström / CC BY 2.0 / MGN)
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BRUSSELS (AP) -- The European Union is planning to dedicate a quarter of its budget to tackling climate change and has also set up a system to shift 1 trillion euros ($1.1 trillion) in investment toward making the EU's economy more environmentally friendly over the next 10 years.

EU officials said the Europe Investment Plan unveiled Tuesday will be funded by the bloc's budget and by the private sector.

It aims to deliver on European Commission President Ursula von der Leyen's Green Deal to make Europe the world's first carbon-neutral continent by 2050.

The plan also will include a mechanism to help regions most affected by the transition to cleaner industries.